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Wage trends and deflation risks in Germany and Europe

Lohnentwicklung und Deflationsrisiko in Deutschland und Europa
[working paper]

Hein, Eckhard; Schulten, Thorsten; Truger, Achim

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Please use the following Persistent Identifier (PID) to cite this document:http://hdl.handle.net/10419/21566

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Corporate Editor Wirtschafts- und Sozialwissenschaftliches Institut in der Hans-Böckler-Stiftung
Abstract "Based on a post-Keynesian model of the relationship between wages, prices and employment, this paper begins by studying the extent to which unit labour cost trends have been responsible for disinflation and deflationary tendencies in Germany and Europe. Thereafter, the reasons for the deflationary development of unit labour costs in recent years, in particular in Germany, are analysed. Finally, the impact of deflationary wage policies on German and European stagnation are discussed and it is concluded that the excessive wage restraint in Germany not only exacerbates stagnation and deflationary tendencies in Germany but might also have a deflationary impact on the other EMU countries." (author's abstract)
Keywords wage; development; price; labor market trend; labor costs; deflation; collective bargaining; monetary union; Federal Republic of Germany; EU; wage policy; monetary policy
Classification Economic Policy
Method empirical; quantitative empirical
Document language English
Publication Year 2004
City Düsseldorf
Page/Pages 29 p.
Series WSI-Diskussionspapier, 124
Status Published Version
Licence Deposit Licence - No Redistribution, No Modifications
data provider This metadata entry was indexed by the Special Subject Collection Social Sciences, USB Cologne
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